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Income Tax Act, 1961 Section 72A

Title: Provisions Relating to Carry Forward and Set off of Accumulated Loss and Unabsorbed Depreciation Allowance in Amalgamation or Demerger, Etc.

State: Central

Year: 1961

.....or amalgamation or demerger had not taken place.] 5[(aa) industrial undertaking means any undertaking which is engaged in - (i) the manufacture or processing of goods; or (ii) the manufacture of computer software; or (iii) the business of generation or distribution of electricity or any other form of power; or 6[(iiia) the business of providing telecommunication services, whether basic or cellular, including radio paging, domestic satellite service, network of trunking, broadband network and internet services; or] (iv) mining; or (v) the construction of ships, aircrafts or rail systems; ] 10[(b) "unabsorbed depreciation" means so much of the allowance for depreciation of the predecessor firm or the proprietary concern or the private company or unlisted public company before conversion into limited liability partnership or the amalgamating company or the demerged company, as the case may be, which remains to be allowed and which would have been allowed to the predecessor firm or the proprietary concern or the company or amalgamating company or demerged company, as the case may be, under the provisions of this Act, if the reorganisation of business or.....

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Income Tax Act, 1961 Section 32

Title: Depreciation

State: Central

Year: 1961

.....Act, 1995, with effect from 1st April, 1996;] Provided that no deduction shall be allowed under this clause in respect of (a) any motor car manufactured outside India, where such motor car is acquired by the assessee after the 28th day of February, 1975 5[but before the 1st day of April, 2001], unless it is used (i) in a business of running it on hire for tourists; or (ii) outside India in his business or profession in another country; and (b) any machinery or plant if the actual cost thereof is allowed as a deduction in one or more years under an agreement entered into by the Central Government under section 42: 6[Provided further that where an asset referred to in clause (i) 7[or clause (ii) or clause (iia)], as the case may be, is acquired by the assessee during the previous year and is put to use for the purposes of business or profession for a period of less than one hundred and eighty days in that previous year, the deduction under this sub-section in respect of such asset shall be restricted to fifty per cent of the amount calculated at the percentage prescribed for an asset under clause (i) 7[or clause (ii) or clause (iia)], as the case may be:] 8[Provided.....

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Income Tax Act, 1961 Section 72AB

Title: Provisions Relating to Carry Forward and Set off of Accumulated Loss and Unabsorbed Depreciation Allowance in Business Reorganisation of Co-operative Banks

State: Central

Year: 1961

.....years for the purposes of set off and carry forward of loss and allowance for depreciation. (6) In a case where the conditions specified in sub-section (2) or notified under sub-section (4) are not complied with, the set off of accumulated loss or unabsorbed depreciation allowed in any previous year to the successor co-operative bank shall be deemed to be the income of the successor cooperative bank chargeable to tax for the year in which the conditions are not complied with. (7) For the purposes of this section, - (a) accumulated loss means so much of loss of the amalgamating cooperative bank or the demerged co-operative bank, as the case may be, under the head Profits and gains of business or profession (not being a loss sustained in a speculation business) which such amalgamating co-operative bank or the demerged co-operative bank, would have been entitled to carry forward and set-off under the provisions of section 72 as if the business reorganisation had not taken place; (b) unabsorbed depreciation means so much of the allowance for depreciation of the amalgamating co-operative bank or the demerged co-operative bank, as the case may be, which remains to be allowed.....

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Income Tax Act, 1961 Section 34A

Title: Restriction on Unabsorbed Depreciation and Unabsorbed Investment Allowance for Limited Period in Case of Certain Domestic Companies

State: Central

Year: 1961

.....time the portion of the said balance is absorbed in the profits and gains of the business of the domestic company. (2) For the assessment year commencing on the 1st day of April, 1992, the provisions of sub-section (2) of section 32 and sub-section (3) of section 32A shall apply to the extent such provisions are not inconsistent with the provisions of sub-section (1) of this section. (3) Nothing contained in sub-section (1) shall apply where the amount of unabsorbed depreciation allowance or of the unabsorbed investment allowance, as the case may be, or the aggregate amount of such allowances in the case of a domestic company is less than one lakh rupees. (4) Nothing contained in sections 234B and 234C shall apply to any shortfall in the payment of any tax due on the assessed tax or, as the case may be, returned income where such shortfall is on account of restricting the amount of depreciation allowance or investment allowance under this section and the assessee has paid the amount of shortfall before furnishing the return of income under sub-section (1) of section 139.

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Income Tax Act, 1961 Section 72AA

Title: Provisions Relating to Carry Forward and Set-off of Accumulated Loss and Unabsorbed Depreciation Allowance in Scheme of Amalgamation of Banking Company in Certain Cases

State: Central

Year: 1961

.....of a banking company with any other banking institution under a scheme sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949), the accumulated loss and the unabsorbed depreciation of such banking company shall be deemed to be the loss or, as the case may be, allowance for depreciation of such banking institution for the previous year in which the scheme of amalgamation was brought into force and other provisions of this Act relating to set-off and carry forward of loss and allowance for depreciation shall apply accordingly. Explanation: For the purposes of this section, -- (i) accumulated loss means so much of the loss of the amalgamating banking company under the head Profits and gains of business or profession (not being a loss sustained in a speculation business) which such amalgamating banking company, would have been entitled to carry forward and set-off under the provisions of section 72 if the amalgamation had not taken place; (ii) banking company shall have the same meaning assigned to it in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); (iii).....

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Income Tax Act, 1961 Section 115VK

Title: Depreciation

State: Central

Year: 1961

.....on the first day of the previous year as the book written down value of the asset beginning to be used for tonnage tax business bears to the total book written down value of all the assets forming the block of other assets. (7) For the purposes of computing depreciation under clause (iv) of section 115VL in respect of an asset mentioned in sub-sections (5) and (6), depreciation computed for the previous year shall be allocated in the ratio of the number of days for which the asset was used for the tonnage tax business and for purposes other than tonnage tax business. Explanation 1 : For the removal of doubts, it is hereby declared that for the purposes of this Act, depreciation on the block of qualifying assets and block of other assets so created shall be allowed as if such written down value referred to in sub-section (2) had been brought forward from the preceding previous year. Explanation 2 : For the purposes of this section, book written down value means the written down value as appearing in the books of account.

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Companies Act, 1956 Section 350

Title: Ascertainment of Depreciation

State: Central

Year: 1956

1[350. Ascertainment of depreciation The amount of depreciation to be deducted in pursuance of clause (k) of sub-section (4) of section 349 shall be2[the amount of depreciation on assets] as shown by the books of the company at the end of the financial year expiring at the commencement of this Act or immediately thereafter and at the end of each subsequent financial year,3[at the rate specified in Schedule XIV]: Provided that if any asset is sold, discarded, demolished or destroyed for any reason before depreciation of such asset has been provided for in full, the excess, if any, of the written-down value of such asset over its sale proceeds or, as the case may be, its scrap value, shall be written off in the financial year in which the asset is sold, discarded, demolished or destroyed.] _______________________ 1. Substituted by Act 65 of 1960, Section 128, for section 350 (w.e.f. 28-12-1960). 2. Substituted by Act 53 of 2000, Section 161, for certain words (w.e.f. 13-12-2000). 3. Substituted by Act 31 of 1988, Section 50, for certain words (15-6-1968).

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Electricity (Supply) Act, 1948 [Repealed] Section 68

Title: Charging of Depreciation by Board

State: Central

Year: 1948

1 [68. Charging of depreciation by Board (1) 2 [***] The Board shall provide each year for depreciation such sum calculated in accordance with such principles as the Central Government may, after consultation with the Authority, by notification in the Official Gazette, lay down from time to time. 3 [***] (3) The provisions of this section shall apply to the charging of depreciation for the year in which the Electricity (Supply) Amendment Act, 1978 (23 of 1978), comes into force.] _____________________________ 1. Section 68 Substituted by Act 101 of 1956, Section 18 w.e.f. 30-12-1956 again Substituted by Act 30 of 1966. Section 15 w.e.f. 16-9-1966 and again Substitutedby Act 23 of 1978, Section 15 w.e.f. 3-6-1978. 2. The words "Subject to the provisions of section 67," omitted by Act 16 of 1983, Section 5 w.e.f. 1-4-1985. 3. Sub-section (2) omitted by Act 16 of 1983, Section 5 w.e.f. 1-4-1985.

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Bangalore Water Supply and Sewerage Act, 1964 Section 24

Title: Depreciation Reserve

State: Karnataka

Year: 1964

(1) The Board shall create a depreciation reserve and,1[x x x] shall, at the end of every year, credit to such reserve from its revenue, such amount as would if made annually throughout the preserved period of assets specified in the Table appended to the Schedule to this Act and accumulated at compound interest at the rate of three per cent per annum produce by the end of the prescribed period an amount equal to ninety per cent of the original cost of the assets after taking into account the sums already written off and set aside in the books of the Board. (2) The amount to be credited every year to the depreciation reserve under sub-section (1) shall consist of the incremental deposit plus interest on the accumulated balance in the reserve: Provided that the contribution in respect of any asset to the depreciation reserve under this section shall cease at the end of such period as may be prescribed by2[regulations] or when the asset ceases to be used by the Board, whichever is earlier: 1[Provisos x x x] __________________________ 1. Omitted by Act 6 of 1966 w.e.f. 17.3.1966. 2. Substituted by Act 6 of 1966 w.e.f. 17.3.1966.

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Road Transport Corporations Act, 1950 Section 29

Title: Provision for Depreciation and Reserve and Other Funds

State: Central

Year: 1950

(1) A Corporation shall make such provisions for depreciation and for reserve and other funds as the State Government may, from time to time, direct. (2) The management of the said funds, the sums to be carried from time to time to the credit thereof and the application of the moneys comprised therein shall be determined by the Corporation : Provided that no fund shall be utilised for any purpose other than that for which it was created without the previous approval of the State Government.

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